2015 FEDERAL LEGISLATIVE & REGULATORY PRIORITY ISSUES
To see a list of all state and federal issues which have the potential to affect NAMIC members companies, and to learn more about them, please visit the Legislative & Regulatory Issues page.
NAMIC is committed to preventing needless, onerous, and duplicative regulation of property/casualty insurance by the federal government. The Dodd-Frank Wall Street Reform and Consumer Protection Act significantly altered the regulatory landscape in Washington by establishing the Federal Insurance Office (FIO), a non-regulatory federal agency, the Financial Stability Oversight Committee, which will designate so called “Systemically Important Financial Institutions”, the Office of Financial Research, to gather data and provide research on the financial sector, and the Consumer Financial Protection Bureau (CFPB), to oversee consumer-related financial issues. NAMIC continues to work to ensure that these new agencies do not negatively impact our industry and are barred from asserting regulatory authority over property/casualty insurers.
Mitigation, or acting to prevent a loss from happening, is by far the best means of saving valuable property, money, and, most importantly, lives. NAMIC supports a broad array of policies, including incentives for stronger building codes and tax-free disaster savings accounts, which will encourage the states, communities, and homeowners to prevent losses. Read more >>
Automobile manufacturers have been recently working to eliminate alternative repair parts from the market by obtaining design patents on each individual crash part, and banning competition through the enforcement of these patents. NAMIC has worked to pass the PARTS Act, which would preserve competition in the aftermarket auto parts market, helping ensure savings for consumers of more than $2.2 billion annually. Read more >>
Posted: Wednesday, June 27, 2012 1:14:53 PM. Modified: Wednesday, February 25, 2015 12:03:04 PM.
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